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Mortgage holders' dissatisfaction with the major banks is likely to grow if the majors continue their policy of not passing on rate cuts in full, or if they raise them independently of any future RBA cash rate changes. By contrast, the satisfaction of non-home loan customers is not affected by banks' reactions to RBA rate decisions.
New banking customer satisfaction figures compiled by researchers Roy Morgan found that while consumers’ satisfaction with the big four banks remained unchanged at 78.4% as of December 2012 – the highest it has been for figures going back to 1996 – satisfaction among home loan consumers sits well below that at 72.9%.
Westpac has the biggest customer satisfaction divide between its home loan and non-home loan customers, of 7.9 percentage points.
According to Roy Morgan, over the past 12 months, satisfaction among customers with home loans has fallen further behind other customers despite five interest rate drops.
Following the last RBA cash rate cut in December of 25 basis points, all the major banks passed on 20 basis points.
At least one more rate cut is expected in 2013, according to the most recent <a target="_blank" href="/news">Bloomberg survey of 28 economists.</a>
Click to enlarge
<a href="/images/stories/2013/02/roymorganfeb5.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/02/roymorganfeb5thumb.gif"></a>
On an overall basis NAB has the highest customer satisfaction rating of 79.8%, followed by the Commonwealth Bank (79.7%), then Westpac (76.8%) and ANZ (76%).
These figures are still well behind the new mutual banks, with a satisfaction rating of 91.6%. This sector is made up of ME Bank, Heritage Bank, MECU Limited, QT Mutual Bank, Teachers Mutual Bank and Victoria Teachers. Building societies have a satisfaction rating of 90.2%, and credit unions 89%.
“The extensive publicity being given in 2012 to banks not passing on the full reduction in the cash rate is likely to have impacted adversely on home loan customers, as the gap in satisfaction at the start of the year was much less,” says Norman Morris, industry communications director at Roy Morgan Research,
“A reduction in the loan rate would normally be expected to be seen as a positive by borrowers unless it is perceived to be less that it should. “The increase in non-home loan customer satisfaction over the year is somewhat surprising as this group is more likely to have suffered interest rate declines on their deposits."
The trend to online banking and associated special deposit rates and less reliance on branches are likely some of the factors contributing to the improvement in satisfaction. “Despite the somewhat negative ratings that home loan customers are giving their banks, they still rate well above the ratings the business customers give them.
“The home loan customers of the big four banks have a satisfaction rating of 72.9% compared to only 64.3% for their business customers. With over 2 million business customers this is likely to be impacting adversely on their personal ratings of their banks,” he says.
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lschlesinger-FZcF9M3vE6

Big banks risk more unhappy customers by not passing on rate cuts in full: Roy Morgan

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AFG mortgage brokers wrote $2.2 billion worth of mortgages in January, the highest cumulative value on record for the group for the first month of the calendar year.

This was 24% higher than mortgages written by AFG in January 2012 of $1.82 billion - despite natural disasters in Queensland and NSW last month. 
Driving demand were strong levels of activity in WA and NSW. 
In WA mortgage volumes were somewhat higher than for NSW ($583 million compared with $569 million) with a variety of buyer types including first home buyers, upgraders and investors. 
AFG says NSW would have been even stronger except for the slump in first-home buyer demand by about two thirds since the withdrawal of first home buyer grants for established properties last September. 
“Borrowers seem to be responding to the combination of a more positive, global economic outlook, lower rates and enhanced affordability,” says Mark Hewitt, general manager of sales and operations at AFG.
 “These figures build on other statistics published recently showing an uplift in activity in property markets. But we shouldn’t lose sight of the fact that first home buyer activity in Queensland and NSW is only one third of the long term AFG average of around 15% of all home loans processed," he says.  Fixed rate loans fell to their lowest level since August 2011, comprising 16.3% of all new home loans with standard variable mortgages the most popular comprising two-thirds of loans arranged over January. 
Non major lenders (regional banks and non-bank lenders) managed to claw back some of the gains majors made last month, especially among first-home buyers, where they have 24.8% of this market. 
AFG bills itself as Australia's largest mortgage broker, writing one in 10 home loans in Australia through its broker members.
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AFG reports record January figures with $2.2 billion of mortgages approved

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The number of Sydney residential properties listed for sale in January fell by 6% following a 21.7% fall in December and are now at their lowest level since April 2010, according to figures compiled by SQM Research. 
In total there are 23,467 Sydney properties listed for sale compared with 31,863 two months ago with listings down 13.1% over the past 12 months. 
SQM Research director Louis Christopher says seasonality has an impact on January figures – he expects a rise in listings in February as the market gets into full swing – but says year-on-year figures show the market is still down. 
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/02/sqmfeb4.gif"><img src="/images/stories/2013/02/sqmfeb4thumb.gif"></a>
Notwithstanding the impact of seasonality, Christopher says the fall in Sydney listings in January is both noteworthy and surprising; SQM had been expecting a bounce in listings in the first month of the year. 
“We are saying the market bottomed out in the December quarter,” Christopher tells Property Observer.
SQM recorded a 1.9% fall nationally over January with 335,429 properties listed for sale compared with 341,784 in December. Listing are down 2.9% on a year ago when there were 345,296 listings.
All capital city residential listings declined over January with Melbourne listings down 2.5%. 
However, Melbourne is the only market where stock on market is up compared to a year ago. 
There are 40,807 properties listed for sale in Melbourne compared with 40,076 a year ago. 
Christopher says people should not read too much into the Melbourne decline in January. 
“There is still an elevated amount of stock on market. Signs are more promising, but a lot of stock needs to be absorbed, for there to be price pressure,” says Christopher.
Year-on-year, Darwin residential listings have fallen by 15% to just over 1,000 properties for sale, with strong annual declines also recorded for Adelaide (7.1%) 
Both Hobart and Adelaide recorded 4.2% falls over January, but Christopher says he is not expecting any major recovery in these markets. 
“There is elevated stock on market that must be absorbed in Hobart and Adelaide,” says Christopher. 
“The bottom may be coming in but overall they are depressed,”
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Sydney property listings fall by 'surprising' 6% in January to lowest level since April 2010: SQM

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Tomorrow the Reserve Bank’s monetary policy committee meets for the first time in 2013 to decide whether to adjust the cash rate. 
The majority of economists expect the cash rate to remain on hold – 24 out of 28 economists <a href="/news">polled by Bloomberg</a> last week said so on the back of house prices rising in January and unemployment still low.
The cash rate stands at 3%, with the lowest advertised variable rate on offer being 4.99% from lender Easy Street, owned and operated by Sydney-based Community First Credit Union.
For borrowers intent on refinancing with a major bank brand, UBank, the online offering of NAB, has a refinancing variable rate of 5.12%.
Non-bank lender homeloanHQ, with loans underwritten by a major bank, is offering three-year fixed fixed-rate home loan at 4.99%.
These are the lowest advertised mortgage rates based on listings by <a target="_blank" href="https://www.ratecity.com.au/">ratecity.com.au</a>, <a target="_blank" href="https://mozo.com.au/">Mozo.com.au</a>,  <a target="_blank" href="https://www.infochoice.com.au/">infochoice.com.au</a> and <a href="https://www.homeloanfinder.com.au/">homeloanfinder.com.au</a> as of February 4:
Where the headline rate is the same, the lender with the lowest comparison rate gets preference.
Lowest variable rate offerings:
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="134">
Provider
</td>
<td valign="top" width="124">
Loan name
</td>
<td valign="top" width="97">
Rate
</td>
<td valign="top" width="116">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="134">
Easy Street
</td>
<td valign="top" width="124">
Honeymoon Home Loan Special
</td>
<td valign="top" width="97">
4.99%
</td>
<td valign="top" width="116">
5.77%
</td>
</tr>
<tr>
<td valign="top" width="134">
Loans.com.au
</td>
<td valign="top" width="124">
Blackboard Special
</td>
<td valign="top" width="97">
5.09%
</td>
<td valign="top" width="116">
5.11%
</td>
</tr>
<tr>
<td valign="top" width="134">
UBank
</td>
<td valign="top" width="124">
UHomeLoan - refinance variable loan with a special upfront discount of 0.25%p.a.
</td>
<td valign="top" width="97">
5.12%
</td>
<td valign="top" width="116">
5.12%
</td>
</tr>
</tbody></table>
Lowest one-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="137">
Provider
</td>
<td valign="top" width="123">
Loan name
</td>
<td valign="top" width="95">
Rate
</td>
<td valign="top" width="114">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="137">
ME Bank
</td>
<td valign="top" width="123">
Member Package SMHL Standard Home Loan
</td>
<td valign="top" width="95">
4.99%
</td>
<td valign="top" width="114">
5.62%
</td>
</tr>
<tr>
<td valign="top" width="137">
Resi
</td>
<td valign="top" width="123">
Flexi Fix Plus 75
</td>
<td valign="top" width="95">
4.99%
</td>
<td valign="top" width="114">
5.90%
</td>
</tr>
<tr>
<td valign="top" width="137">
Newcastle Permanent
</td>
<td valign="top" width="123">
Residential Fixed One year
</td>
<td valign="top" width="95">
4.99%
</td>
<td valign="top" width="114">
5.95%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="131">
Provider
</td>
<td valign="top" width="131">
Loan name
</td>
<td valign="top" width="96">
Rate
</td>
<td valign="top" width="111">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="131">
homeloanHQ
</td>
<td valign="top" width="131">
Rate Lock Home Loan
</td>
<td valign="top" width="96">
4.99%
</td>
<td valign="top" width="111">
5.53%
</td>
</tr>
<tr>
<td valign="top" width="131">
eMoney
</td>
<td valign="top" width="131">
Pro Pack 75 – 3 Year Fixed Rate Home Loan
</td>
<td valign="top" width="96">
5.00%
</td>
<td valign="top" width="111">
5.67%
</td>
</tr>
<tr>
<td valign="top" width="131">
Resi
</td>
<td valign="top" width="131">
Flexi Fix Plus 75
</td>
<td valign="top" width="96">
5.12%
</td>
<td valign="top" width="111">
5.81%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
For information on refinancing, watch our free webinar <a href="/news">The Do's and Don’ts of Refinancing Your Existing Home Loan ... and How to Avoid Unnecessary Hurdles</a>.
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February RBA interest rate decision: A guide to the lowest rate home loan offerings as of February 4

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Perth residential property prices kept up with inflation over the December 2012 quarter, rising by 2.3%, with increased first-home buyer activity and a tight rental market key factors, according to the Real Estate Institute of Western Australia (REIWA).
House prices gained 3% or $15,000 over the quarter to a median of $495,000, while units rose a more modest 2% to a median of $410,000.
Perth house prices are now just $7,500 off their March 2010 peak, with REIWA president David Airey saying strong first-home buyer activity meant that many people looking to sell an existing home and move on "had a ready pool of eager buyers". 
“Strong first-home buyer activity is a terrific stimulus for the entire housing system," says Airey.
“This scenario is reflected in the fact that that the top two suburbs for price growth in the December quarter were outer-suburban, affordable Calista and gentrified, upper-market Mount Lawley,” he says.
Other Perth’s key housing statistics are trending in the right direction, indicating that forecasters are correct in predicting the WA capital to be the top-performing capital city in 2013.
The number of selling days decreased from 71 to 62; the number of sellers dropping their asking price has fallen from almost 60% to around 55%, with dwellings sales across the state estimated at 11,600 for the quarter – around 15% up on the same time last year.
The REIWA also anticipates the Perth rental market will tighten from its current already tight vacancy rate of 1.9% in the March quarter. The median rent remained unchanged at $450 per week over the quarter.
Top 10 suburbs over December quarter
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" width="243">
Suburb
</td>
<td valign="top" width="173">
Median sale price
</td>
<td valign="top" width="187">
Quarterly change in annual median
</td>
</tr>
<tr>
<td valign="top" width="243">
<a target="_blank" href="/news">Mt Lawley</a>
</td>
<td valign="top" width="173">
$1.02m
</td>
<td valign="top" width="187">
9.5%
</td>
</tr>
<tr>
<td valign="top" width="243">
<a target="_blank" href="/news">Calista</a>
</td>
<td valign="top" width="173">
$265,000
</td>
<td valign="top" width="187">
8.4%
</td>
</tr>
<tr>
<td valign="top" width="243">
<a target="_blank" href="/news">West Leederville</a>
</td>
<td valign="top" width="173">
$975,000
</td>
<td valign="top" width="187">
7.7%
</td>
</tr>
<tr>
<td valign="top" width="243">
<a target="_blank" href="/news">Middle Swan</a>
</td>
<td valign="top" width="173">
$332,000
</td>
<td valign="top" width="187">
7.1%
</td>
</tr>
<tr>
<td valign="top" width="243">
<a target="_blank" href="/news">Shenton Park</a>
</td>
<td valign="top" width="173">
$1.07m
</td>
<td valign="top" width="187">
6.5%
</td>
</tr>
<tr>
<td valign="top" width="243">
<a target="_blank" href="/news">Madeley</a>
</td>
<td valign="top" width="173">
$550,000
</td>
<td valign="top" width="187">
5.8%
</td>
</tr>
<tr>
<td valign="top" width="243">
<a target="_blank" href="/news">Edgewater</a>
</td>
<td valign="top" width="173">
$490,000
</td>
<td valign="top" width="187">
5.7%
</td>
</tr>
<tr>
<td valign="top" width="243">
<a target="_blank" href="/news">Osborne Park</a>
</td>
<td valign="top" width="173">
$532,500
</td>
<td valign="top" width="187">
5.4%
</td>
</tr>
<tr>
<td valign="top" width="243">
<a target="_blank" href="/news">Mt Claremont</a>
</td>
<td valign="top" width="173">
$1.22m
</td>
<td valign="top" width="187">
5.3%
</td>
</tr>
<tr>
<td valign="top" width="243">
<a target="_blank" href="/news">Carine</a>
</td>
<td valign="top" width="173">
$731,250
</td>
<td valign="top" width="187">
5.2%
</td>
</tr>
</tbody></table>
Source: REIWA
The upper-crust inner-northern suburb of Mt Lawley was the top performer over the quarter and the year, with median house prices up 9.5% to $1.02 million from 90 sales.
Mt Lawley is also the top-performing suburb for the calendar year, with house prices up 19.6%.
Last year, residents of Mt Lawley were up in arms when it was revealed that McDonald's planned to open a restaurant in a popular spot – it was later declared a hoax.
Recent sales include a three-bedroom house on First Avenue, Mt Lawley, that sold for $1.07 in November last year having previously sold for $879,000 in January 2011 – annual price appreciation of around 11%.
The highest price recorded over the year in Mt Lawley was $3.025 million paid for a three-bedroom <a href="https://homesenvogue.com.au/2012/01/for-sale-73-farnley-street-mount-lawley-wa-6050/">Art Nouveau home built circa 1913</a> at 73 Farnley Street featuring custom-designed stained-glass windows in nearly every room of the style of the architectural period.
The second best performing suburb over the quarter was the blue-collar outer-southern suburb of Calista, where house prices rose 8.4% over the year to a median of $265,500 from 36 sales. House prices in Calista were down 1.7% for the year.
“The lift in median price was due to a welcome surge in turnover with more expensive properties, particularly in the $600,000 - $700,000 range,” says Airey.
In contrast to the struggling Melbourne land market, preliminary estimates indicate Perth will record nearly 12,000 land sales for the 2012 year, which is a 37% increase on 2011. The southwest and northwest corridors accounted for half the sales.
The Urban Development Institute of Australia (UDIA) said the biggest developers in Perth recorded a 23.4% rise in land sales over the December quarter
The south-west corridor, covering the Cockburn and Rockingham-Kwinana regions, is the most affordable area in Perth in which to buy land, with an annual median of $210,000.
“By contrast, the median land price in the northwest corridor, covering the Joondalup and Wanneroo local authorities was higher at $240,000 across last year, while a median of $394,000 was determined for blocks that are within roughly ten kilometres of the CBD,” says Airey.
Aerial photo of Mt Lawley by Dan Woods, courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
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Upmarket Mt Lawley and blue-collar Calista lead 2.3% gain in Perth property prices in December quarter: REIWA

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The number of dwellings approved for construction fell 4.4% in December in seasonally adjusted terms, following a rise of 3.4% in the previous month.
Over the calendar year, dwelling approvals are up 9.3% with units up 31.7% but houses down 3.8%.
Westpac says the fall in December building approvals provided a weaker than expected finish to 2012 with market expectations of a 1% gain in December and Westpac's forecasting a 1% decline.
Approvals for private sector houses fell 3.3% in December while unit approvals fell 5.4%.
The fall in private sector house approvals was led by Victoria (-12.7%) and Western Australia (-2.2%), but approvals rose in South Australia (9%), Queensland (5.2%) and New South Wales (1.2%).
South Australia, Queensland and NSW all have state incentives favouring first-home buying buying or building a new home or apartment.
Westpac says the sharp drop in private sector house approvals concentrated in Victoria, suggests the December figures should be treated with some caution.
"The significance of the weak December approvals reading hinges on how the Victoria numbers are interpreted. 
"On the one hand there may have been a significant policy-induced 'hole' in approvals in the month.
"The Victoria state government changed its incentives for first-home buyers in 2012 from a grant of up to $13,000 to significant stamp duty concessions (both only available on properties up to $600,000).
"The gap may have encouraged many to delay building, particularly late in the year. 
"However, this explanation doesn't quite hold together - state figures on housing finance approvals suggest FHB activity held up in Victoria late last year, despite the transition.
Other indicators – consumer sentiment towards housing and house price expectations – did fall away in Vic compared to other states. 
"Adding to the puzzle is the tendency for upward revisions to approvals estimates due to late arriving data - this may be more of a factor around the Dec-Jan period.
"However, the transition period was not smooth with the grant phasing out at the end of June and stamp duty concessions coming into effect in January.
"The gap may have encouraged many to delay building, particularly late in the year," says Westpac.
Across both house and units, dwelling approvals decreased in December in Tasmania (-21.8%), Victoria (-12.3%) and New South Wales (-1.3%) but increased Queensland (7.9%), South Australia (1.7%) and Western Australia (1.3%) in seasonally adjusted terms.
The value of total building approved fell 1.9% in December, in seasonally adjusted terms, and has fallen for three months.
The value of residential building fell 3% while non-residential building rose 0.1%
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Building approvals fall 4.4% in December, up 9.3% for 2012: ABS

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<img src="/images/stories/2013/02/knightfranklogo.jpg" width="470" height="69" alt="knightfranklogo">
Richard Horne is Knight Frank's managing director for NSW, specialising in office transactions above $30 million. He  says Australian super funds are becoming more relevant as direct players in Sydney commercial real estate, while enquiries from Chinese buyers are also rising.
<img src="/images/stories/2013/02/RichardHorne1.png" width="205" height="225" alt="RichardHorne1" style="margin: 5px; float: left;">
How long have you been in the industry?
I started my career in 1991 in Bristol, UK.  There I started as a valuer and then moved into agency after 18 months with the Bristol office of Chesterton.  I moved to Australia in 1995.
What’s happening in the area you specialise in?
I specialise in office investment, primarily the Sydney CBD of $30 million plus.  Times have been challenging at the larger end of the office market.  There have been few large deals with buyers struggling to get debt, generally conservative on sentiment and in particular building potential capital expenditure (capex) has been an impediment to many deals.
Signs are promising moving forward however, with the institutions starting to buy again and interest rates coming down.
Locally the Australian super funds are becoming more relevant as direct players.  Offshore, we’re starting to notice China more, with significant enquiries from China on our last two campaigns. 
Describe the most interesting property you have sold
I worked in New Zealand for five and half years, and in my first year put together a portfolio of buildings in Wellington tailored towards Australian investors.  This was interesting because I was dealing with a completely different market, a local private owner and a portfolio of very different properties. 
What are the ingredients to being successful in your job?
Being a successful agent might seem easy to many, but I believe it’s one of the hardest nuts to crack in the property sector.  The key ingredients to being successful are:
<ul>
<li>A focused approach,</li>
<li>The ability to develop excellent client relationships;</li>
<li>Not over-complicating things and being able to think clearly;</li>
<li>Thick skin and a degree of self-belief/confidence; and</li>
<li>Probably most importantly, you can’t afford to take yourself or any deal too seriously.</li>
</ul>
What aspects of your role do you enjoy the most?
I really enjoy thinking laterally about a deal and making it happen. Putting mutually compatible partners together is becoming increasingly relevant, and this is very enjoyable. On the management side of things I find it very rewarding to see younger staff, particularly with a good attitude, flourish in their careers. 
Where would invest a spare $750,000?
I’d put it towards my dream beach house, probably in New Zealand or Cornwall (UK). 
Which football team do you support?
Liverpool Football Club (UK) 
What’s your favourite app or techno gadget?
Viber, for long-distance phone calls back to family in the UK, and Run Keeper App, for tracking runs. 
How do you use social media?
I’m increasingly seeing the benefits of LinkedIn and exploring ways to improve this. I don’t mind admitting I’m not a fan of Facebook.
</body></html>

In profile: Sydney CBD office investment specialist Richard Horne

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The Reserve Bank will leave the cash rate on hold at 3% when it meets on Tuesday (February 5), according to the overwhelming majority of economists polled by Bloomberg.
Out of 28 economists surveyed, 24 expect the cash rate to remain unchanged in the first monetary policy meeting of the year.
Looking beyond February, economists are divided on the cash rate outlook with just over half (15 out of 28) expecting rates to remain unchanged in March.
Beyond that the median forecast is for a cash rate of 2.75% in the second-half of the year - suggesting at least one more rate cut.
However forecasts differ widely from 2% to 3.5% between now and year-end.
ANZ and Macquarie Bank tips a cash rate of 2% by year-end.
The Commonwealth tips a 3% cash rate by year-end, Westpac says 2.75% and NAB, 2.25%.
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RBA to leave cash rate on hold next week say economists: Bloomberg

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The latest housing data has confirmed News Limited economist Stephen Koukoulas’s belief that house prices will rise around 10% in 2013. 
Adding to this data, Koukoulas believes that a trifecta of factors - low interest rates, high immigration and improved affordability – make such a price rise "close to certain”. 
Speaking on the ABC's Inside Business yesterday, Koukoulas said he thought house prices were set for a strong up trend.
"We have had a bigger improvement in affordability in the last two to three years following what was clearly excessive house price growth up until the last few years.
"We have about 12% wages growth, house prices are about 5% off their peak and interest rates are very low, so affordability has improved dramatically," he says.
Helped by growing migration and a lack of houses being built in the past, he expects housing to do "particularly well".
January housing data released by RP Data has house prices up 1.2% over January with all the major capital cities recording gains over the month, <a href="/news">led by Brisbane, Perth and Sydney</a>. 
Also last week, The Housing Industry Association’s reported new home sales rose 6.2% in December after rising 3% in November and 3.6% in October. 
“That is a thumping 13% lift in sales in the final three months of 2012, an impressive lift after home sales were in the doldrums around the middle of last year,” said Koukoulas in his latest column for Business Spectator. 
Other signs that housing is on track for double-digit growth in 2013, says Koukoulas is home building approvals (indicators of future construction) are lifting. 
“From the low in April 2012, the number of approvals has lifted more than 20% which points to the housing making a decent contribution to GDP growth, he said. 
Koukoulas also points out that the share price in companies related to the home building industry “have skyrocketed in recent times” including building materials provider Boral up 60% since the middle of 2012 and commercial property developer Leighton Holdings up nearly 50% over the same period. 
“The housing sector is set for a strong performance in 2013. 
“There are likely to be strong rising house prices, higher home sales and a lift in construction," he says.
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House prices to rise 10% this year as part of upward trend: Koukoulas

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Mortgage lender RAMS has waived application fees and settlement fees for first-home buyers as part of a new campaign aimed at helping them move from renting to buying.
The campaign is being promoted by a new television commercial, which aired for the first time last weekend.
RAMS has also waived the account keeping fees on its RAMS Low Rate Home Loan with Introductory Rate Option, during the introductory rate period.
According to the lender, this could save first-home buyers up to $1,590 in fees.
“We understand the frustrations of FHBs who tell us they are in a rental rut and are delaying purchasing a property due to their inability to afford repayments and fears of unemployment in an uncertain economy," says RAMS chief executive Melos Sulicich.
“We have listened to their concerns and created genuine options designed to renew first-home buyer confidence and reignite their passion and drive to take the first step to home ownership."
RAMS says it is also helping first-home buyers by requiring only a 5% deposit with a full-doc loan (plus funds to cover transaction costs), if they meet our other lending criteria.
The lender has also cut its two-year fixed rate from 5.39% to 5.25%.
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RAMS waives fees for first-home buyers

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Larry Schlesinger

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